In this video I simply explain how cryptocurrency, like bitcoin, work and the implications for money and economics in the future.
Cryptocurrencies like Bitcoin are tokens based on blockchain technology that fulfil all the requirements of money. The…
In this video I simply explain how cryptocurrency, like bitcoin, work and the implications for money and economics in the future.
Cryptocurrencies like Bitcoin are tokens based on blockchain technology that fulfil all the requirements of money. They are a unit of account, a store of value and a medium of exchange
They tend to be decentralised, that means they are controlled by no central authority.
As such, they are the next evolution of money and are destined to replace the current, now outdated, monetary system.
This is a good thing as money is now essentially controlled by the state and/or a few well connected individuals who profit off this centralisation.
Bitcoin is by far the most well known cryptocurrency, it was also the first, but it is by no means the only one available.
Cryptocurrency truly is the next generation of money.
NOTE: Yes, this is a reupload - I wasn't happy with the first version so I changed it slightly.
Previous video in the Penguin Story vs the State story: https://www.youtube.com/watch?v=4Wivmp8Si_k
Sources:
The ultimate guide to crypto-currencies - https://steemit.com/cryptocurrency/@leopold/cryptocurrency-explained-the-ultimate-guide-to-understanding-cryptocurrency
The truth about bitcoin - https://www.youtube.com/watch?v=w4HGVJjqDVk&t=11s
Ever wonder how cryptos work - https://www.youtube.com/watch?v=bBC-nXj3Ng4
How bitcoin works - https://www.youtube.com/watch?v=kubGCSj5y3k
Blockchain wiki: https://en.wikipedia.org/wiki/Blockchain
The basics: https://www.fool.com/investing/2018/03/14/the-basics-of-cryptocurrency-mining-explained-in-p.aspx
Blockchain in plain English: http://www.zdnet.com/article/blockchain-explained-in-plain-english/
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